Insurance Company Pays People to Keep Fit

Misfit Fitness Band

Misfit Fitness Band

Insurance companies are becoming increasingly proactive in how they help consumers. One new insurance company aims to use technology to better tailor health insurance to people.

An insurance company named “Oscar” has unveiled an initiative where every member can obtain a free “Misfit fitness band”. The band allows people to track how much exercise they are performing every day and sync the data on their smart phone. Customers who already use fitness tracking software can also sync their data with Oscar’s fitness tracking system.

The insurance company then rewards people who exercise regularly with rewards. The application sets a number of health goals, and for every health goal passed they receive $1. The user can cash-out when their total reaches $20 and will receive the amount in Amazon gift cards.

This isn’t the first time this company has provided rewards for when customers make smart decisions about their health. They previously gave customer $20 if they had a flu shot by a certain date.

Schlosser admits that this is “very much the beginning,” and that one of Oscar’s main goals is to collect more health data on its members to make sure doctors have the most information available on them. Down the line, that could include nutrition data, sleep data, and as tracking technology becomes more sophisticated, perhaps even blood pressure data.

“We aren’t the people who deliver your healthcare, but our job is to facilitate the delivery of your healthcare,” Schlosser says. “To do that, we can get more information to your doctor.”

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16 Helpful Tips to Get the Cheapest Car Insurance

16 Helpful Tips to Get the Cheapest Car Insurance

16 Helpful Tips to Get the Cheapest Car Insurance

It seems like the cost of car insurance premiums is constantly rising!  Running a car can be very expensive when you consider the price of gas, the expense of maintaining the vehicle and paying those insurance premiums.  Fortunately there are a number of clever tactics that can be used to obtain the cheapest car insurance premiums possible.  This article will go over 16 clever ways to ensure you get the cheapest car insurance premium possible.

Look at the cost insuring the car before you buy it

The smartest time to look at the cost of car insurance is before you actually purchase the vehicle you are interested in.  You can visit a number of insurance companies online or use online comparison tools to check how much the car you like will cost to insure.  If it is a private sale, you can even use the registration number of the car when getting the quote from the insurance company.

Avoid cars with high performance modifications

Including the cost of any high performance car modifications in the insurance will add to your premiums.  So while many modifications can look good, they can be very costly to insure.

Avoid cars that have large engines, turbo or have sports in their name

Any cars that are capable of extreme speeds will cost more to insure because the insurance companies knows those kinds of cars are more likely to be involved in a crash.

Get additional driving skills

This one works for young drivers especially — gain some additional qualifications and tell you insurance company.   Programs like “Pass Plus” can give insurance companies some additional certainty that the young driver has basic skills and is less likely to crash.

Use Online comparison tools

With the advent of the Internet, comparing policies is incredibly easy.  You no longer have to walk to an insurance broker to get a quote, you can get a dozen quotes in 10 minutes via insurance comparison websites. 

Be sure they take into account any special circumstances you have or discounts you are eligible for.  To obtain the very cheapest insurance it’s usually important to negotiate with your insurance company, so the comparison tools should be considered a ballpark figure.

Check for discounts

Ask your insurance company about every kind of discount they offer.  Insurance companies offer many types of discounts including: discounts for retired people, army veterans, single mothers, low income families, for loyal customers and more.  Make sure you aren’t missing out on any savings!

Compare renewal costs to new policy costs

Some insurance companies offer fantastic deals to attract new customers, and current customers sometimes miss out.  If you spot a deal for new customers that you didn’t receive as an existing customer, simply ring the insurance company.  Demand they give you the deal — you will usually find them very apologetic and helpful because they want to retain you as a customer.

Pay yearly, not month

You can receive some hefty savings on car insurance premiums by simply paying it annually.

Drive carefully and avoid getting any traffic fines

One of the worst things you can do as a driver looking for cheaper premiums is to get a traffic fine, or worse still a conviction for a traffic offense!  Insurance companies will know of any traffic infringements you are involved in, so always drive carefully!

Avoid claiming for small bumps and scratches on your car

If you have a small fender bender that only damages your car, reconsider claiming it.  If it is minor damage to your vehicle it might only cost $500 to repair, however if you claim it your excess may be $300, then on top of that your premiums might be higher for the next 5 years.  You will lose any “no-claim” bonus that you had, and you will be paying higher premiums for a few years — Insurance companies don’t forget.

Use multi car policies

If a number of people in your family are driving, for example your two teenage children have cars, you should look at multi car policies.  You could get a better deal if you insure 3 or 4 cars at once.

Drive Less

Some companies offer discounts if you can demonstrate you rarely drive your vehicle and it is garaged in a safe location most of the time.

Pay as you go insurance

“Pay as you go” insurance uses telematics technology to track your car use and give you cheaper insurance based on that usage pattern.  The devices track things like including total miles traveled, speed and trip distance (long trips or short trips).  These devices are becoming more complex and are starting to track things like deceleration (braking speed) to evaluate your driving ability.  If you are proud of your driving record, you don’t speed and you don’t drive regularly, pay as you go insurance could save you a lot of money.

Increase your excess

The simplest way to obtain cheaper premiums is by increasing your excess, something that can done by emailing or calling your insurance provider.

Do you really need theft coverage?

Some people tend to buy theft coverage or premium insurance for piece of mind.  However if you own an aging car, you should consider the declining replacement cost of the vehicle.  Comprehensive insurance may only be a sensible decision for the first 8-10 years of owning a vehicle. If your car is rarely left on the street and usually secure in your locked garage, you should also reconsider comprehensive insurance.

Cut out optional extras from the policy

There may be some optional extras on your insurance policy which the insurance company includes without consulting you.  You may be able to remove certain aspects like free hire car rental after car theft, which could save you some money.

So there you have it, 16 simple tips to get cheaper car insurance premiums.  The key is to demand more from your insurance company, tell them about your specific circumstances and get the best deal possible!

10 Ways For Retirees to Save on Car Insurance

10 Ways For Retirees to Save on Car Insurance

10 Ways For Retirees to Save on Car Insurance

Most people see a significant change to their driving habits once they retire.  Instead of driving to work everyday, they usually end up driving irregularly.  Usually the driving involves a trip away or a trip to visit friends.

For most retirees, that means they drive less often than they used to.  Why should they pay the same level of insurance as someone who is constantly on the road?

Here are some tips to help retirees save on their car insurance.

Look for Limited-Driving Discounts

Many companies offer discounts that specifically target older drivers.  The fact that your driving is less frequent than a younger person should immediately obtain a significant discount.  Make sure that your insurance provider is giving you this discount and if not, call them about it.  Inform them of your retiree status and tell them about your driving habits.  If they don’t provide a discount, change providers.

Collision Coverage

If you have an older car you might consider completely removing your collision coverage.  When you are driving less, you might be perfectly happy with your old car that is not worth much money.  If it is only worth a few thousand dollars, there isn’t much point insuring it.

Increase Your Collision Deductible

By increasing your deductible you can save hundreds of dollars.  You won’t be driving much and most older drivers take a great deal of care on the road.  It is unlikely you will be involved in a crash so increase the deductible.

Install a Telematics Device

A telematics device keeps track of how often you drive your car, how far you drive and how fast you go.  It allows insurance companies to offer better value on your insurance policy based on your driving habits.  This can be a big saving for people who don’t drive very often.

Keep the Kids off Your Policy!

Young people who don’t have a proven driving record can be extremely expensive to insure.  Keep your grandchildren off you policy!

Use Your Good Track Record to Negotiate

If you have decades of unblemished driving, make sure you impress your insurance company with it, then ask for another discount.  If they will not reward you for that sterling driving record, find a company that will.

Loyalty Discounts

You probably have years of car insurance through the same company.  Ask for a loyalty discount, even it’s not mentioned in their brochures.  Insurance companies like to hang onto customers who have good driving records and who have been with the company for many years.

Take a Driving Safety Course

This tip applies to anyone who wants to obtain cheaper insurance premiums.  Many insurers will offer you a discount if you have successfully completed a driver’s safety course.

Buy a Car That is Cheap to Insure

It might be nice having a fast sports car to show off to your friends.  But when you retire you won’t be speeding around like a hoon anymore.  Sports cars with large engines can be more expensive to insure.  Consider buying another car that focuses on safety features instead of speed.

Keep Your Car in Great Condition

Even you have an older car, make sure it is well maintained.  Some insurance policies have clauses that limit coverage if your car causes an accident, due to mechanical failure.  Read the fine print and make sure your car is in great shape.

 

 

Planning for retirement, buying Insurance or self-insure?

Long Term Care Insurance

Long Term Care Insurance

For younger people who are interested in planning for their old age, one of the big questions is how to deal with potential long term care requirements? It is entirely possible that you may require hospitalization or a home nurse when you are older and both of those prospects can be extremely expensive.

You can rely on long term care insurance, but there is always the risk that your claim may be denied. The other option is to self-insure, which involves building up a pool of funds over your lifetime to help cover those unexpected costs.

Some financial analysts suggest that instead of putting money into long-term-care premiums and you could invest the money in a low cost 60/40 balanced index fund, which creates that pool of funds for later in life.

Since insurance is all about calculating risk, what does this self-insured scenario look like? The chance that an individual who lives to 65 will need no long term care before dying is about one in three. One in five seniors will need long term care for five years or more, so that is the two ends of the spectrum.

Then you have to look at home health care costs versus nursing home care. A nursing home will cost between $70’000-90’000 per year while in home care is closer to $30’000. If you have a good relationship with your family, you would be more likely to have a good home environment to spend your old age in so that should also be considered.

A young person in their 30s can buy a long term policy for about $60 a month, which provides $200 per day in care costs. Now what would we end up with if we invested the $60 instead? A life long mutual fund that is split at 60/40 stocks to bonds would return anywhere between 6-8%. Yo will have about $220’000 in that account by the age 85. That amount of money could pay for perhaps 2-3 years of nursing home care or 7-8 years of in home care.

Additionally that $60 a month insurance premium would continue to rise in cost, so you would have to consider that the lump sum from investing the same amount in an investment account may be closer to $300’000. Some insurance companies also go broke! What happens when the Insurance company you have been investing in goes belly up before you receive your long term care, all of those premiums will be meaningless.

Additionally, your relatives get to keep any of the unused money from a long term health fund that you have set up. That might give them more incentive to keep you in their home instead of in an expensive nursing home. On first glance it seems that someone in their 30s would be best off building their own long term care fund.

However there are a few issues. You would have to continue adding to that account your entire life, without fail. What happens if you lose your job for a couple of years? You might be forced to dip into the fund and when it’s not building, risk is increasing. What if you decide to dip into it to pay for your children’s college? It takes discipline to save for decades.

Long term care costs could increase rapidly as well, so that fund may not cover much into the future. An insurance policy will adjust it’s payout total upwards as costs rise, but of course so will premiums. Insurance covers the cost of inflation, the self-insured person bares the cost of inflation against their savings.

There is also the small possibility that you will need longer term care, so what happens if you burn through your fund and have to rely upon your children? It could be very expensive for them and damage their future finances.

The last risk is that you may need long term care at a much younger age than expected. What if you have a serious illness that forces you to retire at age 50? You self-insured fund won’t be big enough yet to cover you for an extended period.

When all factors are considered, both self insurance and long term care insurance have negative and positive aspects. If you want to reduce risk, take a closer look at your finances, health, lifestyle and family. If you are well off financially, can commit to saving, and can see yourself living in a big house with loving children who can help care for you in your old age, there is less risk with self-insurance.

However if you think you won’t have the family network to help support you, or you are concerned about your health in old age, then insurance may be a better option. Either way it’s a difficult decision, but with some thought you can reduce risk and find the right solution for yourself.

5 Ways To Get Cheap Car Insurance

Car Insurance Discounts

Car Insurance Discounts

If you’re looking for solutions to trim expenses on your regular expenses, checking out your insurance policies is an excellent starting point. Insurance companies offer their customers various sorts of credits for details like, going paperless, currently being multi-policy, and being very low mileage. It’s vital to be aware of the following insurance discounts that are widely accessible, and make sure that the reductions in price for which you are eligible have been applied to your insurance policy.

Paperless customer Price reduction – Numerous insurance carriers now provide paperless reductions, that delivers a means to not only cut costs, but also help the natural environment. Many agencies will offer you a price savings of about one to five % for opting for digital communication.

Very low Mileage Discount – With a few insurance vendors, as you drive your vehicle less you are rewarded by paying out less on insurance. Should you drive less than a specific quantity of miles, for example 8,000 miles, you may be eligible for a price reduction of Ten to twenty % on your car insurance.

Special Prices for Groups or Associations – Being part of a social association or group, is another way that it is possible to decrease insurance charges. If you are a member of a credit union, alumni organisation or military services organization, you may be able to qualify for a fantastic discount on your insurance plans. As these unique group rates change depending on the insurance provider you select, it helps to make contact with an unbiased broker that can examine these various agencies to find out which one offers you the greatest rates.

Paid-in-Full Discount – An alternate way to reduce your insurance premium is to purchase the policy entirely. Although this may be briefly unfavorable to your bank account, you can be rewarded with up to a 10 % discount by paying up front, helping you to in fact save cash in the long run.

Multi-Policy Reduction – Should you insure your motor vehicle with the very same business you insure your dwelling, you’ll likely receive a multiple policy price cut. If you happen to now have your properties and assets covered with assorted insurance companies, it’s best to make contact with an independent insurance broker, who can assist you establish how much money you could spare by shifting all of your insurance plans to the same company.

If you’re searching to reduce your premiums, these are various frequent reductions you can be entitled to, however they obviously aren’t the only types of cost savings on the market. Additional widespread insurance cover discounts include safe driver, no claims, non-smoker, and great university student discounts. The best way to ensure that all of the discounts you qualify for are actually employed on your insurance plans is to use an impartial insurance broker.

Travel Insurance Tips

Travel insurance Tips

Travel insurance Tips

With Travel Insurance, even after being extremely cautious, you could make some mistakes then regret it later. So, read on for the top ten most widespread blunders that tourists make when acquiring travel insurance. We hope they are going to allow you to stay away from the common errors.

1) Do not forget to research the protection that your plan provides.

2) Never write false details. When people try to save lots of money hiding the info it leads to undesirable repercussions in the long term. Supply correct info about your current healthcare disorders mainly because if the insurance provider finds out you had been suffering from an ailment which you did not disclose, the insurance contract is usually terminated.

3) At all times read through the fine print (terms and conditions). Under no circumstances invest in an travel insurance policy when you have not gone through the terms and conditions mentioned in the policy.

4) Really don’t wait around until the last moment. A last minute purchased insurance plan might not have coverage that you just want and you you should not have enough time to examine terms and conditions of your plan. In addition, setting up your prerequisites beforehand (e.g., comparing different alternatives) will save you cash. A different thing is any time you acquire travel insurance protection in the last minute, you are not covered for any emergency situations and cancellation of the journey.

5) Try not to break the laws. It is termed the golden rule of traveling: always put up with all the laws of the nation of your vacation. The coverage of one’s travel insurance coverage is restricted to authorized activities only. Always attempt to find out the guidelines of the region you plan to go to.

6) You should not break travel insurance procedures. Look into every little thing you happen to be covered for and don’t drop by areas which do not come underneath the terms and conditions with the coverage.

7) Do not invest in travel insurance coverage following you’ve got become ill or your trip was postponed because you will not be covered.

8) Don’t enter into dangerous pursuits and sport except if your insurance protection covers it. Cover for harmful actions can be an optional feature, so remember to incorporate this coverage for your coverage.

9) Stay clear of not shopping for travel insurance until traveling.It truly is excellent if nothing negative transpires. On the other hand, if any sudden events takes place these kinds of as cancellation of excursions or one of your family members is to be hospitalized you might not have enough money to deal with all essential expenditures.

10) If anything just isn’t clear for you about terms and conditions of one’s policy, don’t be scared to ask questions. The reputed insurance plan providers will provide you with any information and facts you may need. Asking questions will give you a clear close notion regarding what you are protected for and whatever you are not protected for.

These are a number of the important points that remind you to be careful in order to stay clear of any blunders in travel insurance coverage.

Getting Value For Money Life Insurance

Life Insurance

Life Insurance

Life insurance coverage isn’t just about subscribing for one plan and then expecting the cash to return in when you get into hardship. It is also about preserving capital. So each time you’ll need to get insurance, contemplate the prices. The money life insurance protection saves is similarly as important as protecting your life as well as your family members lives when some thing unanticipated transpires.

But how would you spend less capital on life insurance policies? Exactly what are the factors which you should really take into consideration? Listed here are 6 strategies that you simply really should take note of when you are checking out insurance protection terms and conditions and do not want to spend an excessive amount of money.

Look to your needs plus the preferences of the loved ones. For you to spend less capital, life insurance web based calculators are useful in aiding you understand simply how much you may need to cover right until the retirement of your respective spouse or till your children finish their school education. Web-sites such as Life and Health Insurance Foundation for Education assists you to estimate your charges by means of their calculator.

Pick a term-life coverage. From 20 years old to around 50, you will need to opt for the term-life, as this can be the easiest technique to avail of mutual savings life insurance protection. For persons who’re over the age of 60, cash-value life insurance could be the more desirable method.

Get rates from web based resources. There are lots of online websites that will present you with prices. Amongst these checkout FindMyInsurance.com, InsWeb, and LifeInsure.com. These web pages can help you with the prices you need. Just be prepared to undertake a detailed application procedure and professional medical exam.

Maintain good shape. Companies really don’t give out insurance policies to individuals who are quite sickly. In an effort to get into much better shape and come to be eligible for insurance policies, you will need to stop the vices that happen to be damaging to your wellbeing, such as cigarette smoking and consuming excessive alcohol. You may also try getting a couple of clinical exams to see how healthful you now are. This way you know in advance how to proceed whenever you eventually apply for a plan.

Get qualified help and advice on what to acquire. You may search for the assistance of a good financial advisor or you can buy directly from your insurance coverage company. You may also acquire by means of an insurance agent or acquire through a financial planner who is commission-based.

Study and evaluate. As a way to understand how much capital you may be conserving, you will need to accomplish your research. Put aside time for you to research and find skilled assistance if you need to.